Starbucks Corp (NASDAQ:SBUX, ETR:SRB) is bringing in current Chipotle boss Brian Niccol as the coffee chain's new chairman and chief executive. Niccol will replace Laxman Narasimhan, who today announced his departure with immediate effect, on 9 September.
The sudden change in leadership follows public criticism from former CEO Howard Schultz, who slammed Narasimhan's management style on LinkedIn in May.
Chipotle stock fell 10% in premarket trading Tuesday as the company announced CEO Brian Niccol would be leaving his role on Aug. 31 to become CEO of Starbucks.
Starbucks announced a major shakeup to its top leadership team Tuesday, replacing its CEO with Chipotle's top executive, as the coffee chain contends with multiple activist investor challenges during an extended stock market slump.
Starbucks Corp.'s stock SBUX, +2.58% was rallying, up 10.4% in premarket trading on Tuesday, after the coffee-shop giant named Brian Niccol as its new chief executive as of Sept. 9. Niccol is currently the chief executive of Chipotle Mexican Grill CMG, +0.58%.
Starbucks announced on Tuesday that Brian Niccol has been appointed chairman and chief executive officer.
Starbucks replaces CEO Laxman Narasimhan with Chipotle CEO Brian Niccol
Starbucks SBUX 2.58%increase; green up pointing triangle has appointed current Chipotle Mexican Grill CMG 0.58%increase; green up pointing triangle chief Brian Niccol as its next leader, an abrupt management change for the coffee chain as it works to turn around its business and contend with activist investors.
Starbucks SBUX 2.58%increase; green up pointing triangle has appointed current Chipotle Mexican Grill CMG 0.58%increase; green up pointing triangle chief Brian Niccol as its next leader, an abrupt management change for the coffee chain as it works to turn around its business and contend with activist investors.
NEW YORK, NY / ACCESSWIRE / August 12, 2024 / Levi & Korsinsky notifies investors that it has commenced an investigation of Starbucks Corporation ("Starbucks") (NASDAQ:SBUX) concerning possible violations of federal securities laws. On May 1, 2024, Starbucks announced Q2 2024 results well-below expectations and Starbucks' own projections, and then announced significantly reduced full-year guidance for 2024.
LOS ANGELES, CA / ACCESSWIRE / August 12, 2024 / The Schall Law Firm , a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Starbucks Corporation ("Starbucks" or "the Company") (NASDAQ: SBUX ) for violations of the securities laws. The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors.
U.S. stocks traded mixed toward the end of trading, with the S&P 500 edging higher on Monday.